Tuesday, April 16, 2024

9 Major Companies Hiking Prices Again in 2023

Must read

Woman shocked by high prices
lunopark / Shutterstock.com

Last year was a time of runaway inflation. Prices appear to be moderating a bit in 2023, but you will still have to pay up if you like to buy some popular brands.

Despite a trend toward subsiding price increases, some companies are continuing to pass on higher costs to consumers.

Following is a list of product manufacturers that are planning to ask you to dig more deeply into your wallet this year.

Nestle

Kit Kat brand
Billion Photos / Shutterstock.com

The rising price of ingredients has caused Nestle S.A. — the world’s biggest food group — to announce on Feb. 16 that it will raise prices again this year. In 2022, the company hiked prices 8.2% but says that wasn’t enough to offset those rising ingredient costs, Reuters reports.

Nestle owns more than 2,000 brands. The company says the biggest include:

  • Nescafe
  • KitKat
  • Nespresso
  • Toll House
  • Milo

Pernod Ricard

Kahlua
Daniel Muresan / Shutterstock.com

Liqueur company Pernod Ricard also said Feb. 16 that it will raise prices this year, citing high production costs. This news follows price increases of around 10% during the first half of the company’s fiscal year, which runs from 2022 to 2023.

Pernod Ricard’s brands include:

  • Absolut
  • Beefeater
  • Chivas Regal
  • Havana Club
  • Jameson
  • Kahlua
  • Malibu
  • Martell

Coca-Cola

Coca-Cola
OlegDoroshin / Shutterstock.com

High costs will push Coca-Cola Co. to raise the prices on its products again “across the world” in 2023, although at a more measured pace than last year, the company said on Feb. 14.

In addition to its iconic soda Coke, Coca-Cola Co. makes more than 200 brands, including:

  • Dasani
  • Fanta
  • Minute Maid
  • Powerade
  • Smartwater
  • Sprite
  • Vitaminwater

Tesla

2022 Tesla Model Y
JeanLucIchard / Shutterstock.com

Electric vehicle manufacturer Tesla Inc. boosted the price of its Model Y performance crossover and Model Y Long Range in February.

But the news is not all bad, as Tesla has reduced the price of other vehicles, including the rear-wheel drive Model 3 sedan, which already was the company’s cheapest model, Reuters reports. In fact, the Model 3 is at the top of the list in “4 Used Car Models With Plummeting Prices (Finally).”

Unilever

Ben & Jerry's ice cream
AVC Photo Studio / Shutterstock.com

Rising input costs have forced London-based Unilever PLC to continue to raise prices of detergents, soaps and packaged foods, the company said in early February. However, Unilever expects those increases to ease in the second half of the year.

The company’s brands include:

  • Ben & Jerry’s
  • Dove
  • Hellmann’s
  • Knorr
  • Seventh Generation

Tapestry

Coach purse
Xhilmi / Shutterstock.com

Tapestry Inc. also said in early February that it expects to hike prices again in 2023.

“We continue to see opportunity as we move forward to drive average unit retail up,” Tapestry CEO Joanne Crevoiserat told Bloomberg.

The company owns the luxury fashion brands:

  • Coach
  • Kate Spade New York
  • Stuart Weitzman

Ralph Lauren

Ralph Lauren Polo
NoonBuSin / Shutterstock.com

The bad news is that Ralph Lauren Corp. price hikes mean your Polo shirt might cost a bit more in 2023.

The good news is that price hikes are expected to be more moderate this year than in the previous couple of years, the clothing company said in early February.

Procter & Gamble

Bounce detergent
Jiujiuer / Shutterstock.com

High commodity costs are weighing on Procter & Gamble Co., and the consumer goods company is responding with plans to continue to raise prices in 2023, it said in January.

Popular P&G brands include:

  • Always
  • Bounce
  • Bounty
  • Charmin
  • Crest
  • Dawn
  • Downy
  • Febreze
  • Gillette
  • Head & Shoulders
  • Pampers
  • Tide

Amazon

Amazon Echo, 4th generation
AjayTvm / Shutterstock.com

After hiking the price of a Prime subscription in February 2022, Amazon Inc. will up the price of an Amazon Music Unlimited subscription in February 2023.

Starting Feb. 21, the music streaming service will cost:

  • $10.99 per month for the individual plan (up from $9.99)
  • $5.99 per month for the student up (up from $4.99)

More articles

Latest article